New Delhi: US-based quick service restaurant (QSR) chain Burger King’s Indian arm will hit the capital markets on Wednesday (December 2).
Under its Master Franchise and Development Agreement, Burger King India is required to develop and open at least 700 restaurants, including company-owned Burger King Restaurants and Sub-Franchised Burger King Restaurants, by December 31, 2026, according to Burger King India CEO and member of board Rajeev Varman. Currently, the QSR chain employs 4,836 people, including its restaurants and corporate office.
Here’s all bout Burger King India IPO
This is as part of the company’s plans to raise Rs 810 crore to fund expansion and pare debt.
Burger King currently operates 268 stores. Eight of them are franchises mainly located at airports and the rest are company-owned.
Burger King India has fixed the price band of the initial public offering (IPO) at Rs 59-60 per share.
The promoter entity of the chain, QSR Asia Pte Ltd will sell up to 6 crore shares, aggregating to Rs 360 crore at the upper end of the price band.
The company had undertaken a pre-IPO placement, by way of rights issue of Rs 58.08 crore at a price of Rs 44 per share to promoter and preferential allotment of Rs 91.92 crore at a price of Rs 58.50 per share.
The fresh issue size has been reduced to Rs 450 crore from Rs 600 crore earlier.
The issue will close on December 4.
The company has reserved up to 10 per cent portion of IPO for retail investors, up to 15 per cent for non-institutional investors and up to 75 per cent for qualified institutional investors.
Bids can be made for a minimum of 250 equity shares and in multiples of 250 equity shares thereafter.
Retail investors can apply for maximum up to 3,250 equity shares at higher price band.